PGENPRECIGEN, INC.

Pharmaceutical Preparations

Revenue: $10M; 147% YoY
Operating margin: -1141.1%; 67% YoY
EBITDA: −$107M; 18% YoY
Market cap: $2.5B
Employees: 160; $61K revenue each
Net debt / EBITDA: —; $78M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
112% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$61K · 32nd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.5B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$45M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$14M	$27M	$6M	$4M	$10M	147%
Operating income	—	—	−$100M	−$135M	−$111M	18%
Net income	−$92M	$28M	−$96M	−$126M	−$251M	99%
Operating cash flow	−$56M	−$65M	−$67M	−$68M	−$88M	29%
Capex	$7M	$5M	$2M	$9M	$2M	77%
Stock-based comp	$14M	$10M	$10M	$9M	$11M	15%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 31, 2026	KIRK RANDAL J	SCHEDULE 13D/A	35.9%	Passive
Nov 21, 2025	KIRK RANDAL J	SCHEDULE 13D/A	38.1%	Passive
Sep 19, 2025	KIRK RANDAL J	SCHEDULE 13D/A	39.4%	Passive
Dec 30, 2024	KIRK RANDAL J	SCHEDULE 13D/A	39.8%	Passive
Aug 13, 2024	KIRK RANDAL J	SC 13D/A	40.5%	Passive
May 3, 2024	KIRK RANDAL J	SC 13D/A	7.6%	Passive
Jan 31, 2023	KIRK RANDAL J	SC 13D/A	54.5%	Passive
Oct 7, 2022	KIRK RANDAL J	SC 13D/A	6.5%	Passive
Dec 21, 2020	KIRK RANDAL J	SC 13D/A	7.1%	Passive
Aug 13, 2020	KIRK RANDAL J	SC 13D/A	7.0%	Passive

Insider trading

Open-market buys, 12 mo: $25K · 1
Open-market sells, 12 mo: $45M · 42
Net: −$45M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$5M	$19M	41	125
FY2024	$5M	$5M	20	114
FY2023	$4M	$4M	24	115
FY2022	$3M	−$1M	28	111
FY2021	$3M	−$16M	68	125